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NAV / Daily Prices
NAV ($)
9.39
NAV Change ($)
-0.02
Change %
-0.21%
MTD Return
-0.74%
YTD Return
Statistics
30-Day SEC YieldA
3.51%
30-Day SEC Yield (Unsubsidized)B
3.25%
Average Maturity
2.27 Years
Effective DurationC
2.79 Years
Expenses
Total Fund Operating Expenses
0.69%D
With Expense Cap
0.43%
| Total ReturnsF | Quarter-End (03/31/2026) | Month-End (04/30/2026) |
| YTD | 0.19% | 0.28% |
| 1 Year | 4.12% | 3.35% |
| 3 Years |
The 30-day SEC yield represents the dividends and interest earned for a 30-day period, annualized, and divided by the net asset values per share at the end of the period. The SEC yield is computed under a standardized formula which assumes all portfolio securities are held to maturity. This value may differ from the actual distribution rate of the Fund.
Represents a 30-day SEC yield without adjusting for fee waivers or expense reimbursements.
Effective duration is a measure of the Fund’s price sensitivity to changes in interest rates.
Payden & Rygel ("Payden") has contractually agreed that, for so long as it is the investment adviser to the Fund, Total Annual Fund Operating Expenses After Fee Waiver or Expense Reimbursement will not exceed 0.60%. Please note that the 0.60% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses. Payden has contractually agreed to further waive its investment advisory fee or reimburse Fund expenses to the extent that the Total Annual Fund Operating Expenses After Further One-Year Fee Waiver or Expense Reimbursement exceed 0.43%. This agreement has a one-year term ending February 28, 2027. Please note that the 0.43% expense level does not include Acquired Fund Fees and Expenses, interest, taxes, and extraordinary expenses.
Quoted performance data represent past performance, which does not guarantee future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, select this link or call 800 572-9336.
| 3.97% |
| 3.90% |
| 5 Years | 1.34% | 1.30% |
| 10 Years | 1.59% | 1.59% |
| Since Inception | 3.49% | 3.48% |
| Returns less than one year are not annualized. All returns are net of fees. |
DividendsG
Dividend
$0.0291
Dividend Reinvest NAV
$9.46
Record Date
04/30/2026
Ex Date
04/30/2026
Payable Date
04/30/2026
Dividends Paid
Monthly, with Daily Accural
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
Investor Class - Regular Account
$5,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Fund Inception Date
01/03/1995
Share Class Inception Date
01/03/1995
Share Class
Investor Class
Ticker
PYUSX
CUSIP
704329796
Fund Total Net Assets
As of 04/30/2026
$58.2 Million
Sales Charge
None
Benchmark
ICE BofA 1-5 Year U.S. Treasury Index
Short-Term Government Bond – Appropriate for investors who seek exposure to short-term securities issued by the U.S. government and its agencies.
The Payden U.S. Government Fund seeks to provide income while avoiding the volatility of longer-maturity bond funds and the credit risk involved in non-government issuers. The Fund is comprised of U.S. Treasuries, government agency debentures, and agency mortgage-backed securities. The average portfolio maturity is less than five years.
No corporate credit risk.
The average maturity ranges between 3-5 years. Shorter average maturities generally provide less price sensitivity to changes in rates.
Ideal for investors with a short-to-intermediate time horizon who seek the safety of government securities.
Data as of 04/30/2026
Data as of 04/30/2026
April was a volatile month with multiple crosscurrents driving market behavior. Geopolitical tensions in the Middle East showed signs of stabilization, although elevated oil prices kept inflation concerns a primary focus. Interest rates initially moved lower amid optimism surrounding ceasefire negotiations, but retraced higher later in the month as progress stalled.
At month-end, the Federal Reserve (Fed) voted to keep policy rates unchanged, though the decision generated the highest level of dissent since 1992. We view the dissents as a pushback against the Fed’s current bias toward easing rates in light of rising inflation risks. In contrast to market pricing, which currently reflects no additional rate cuts, we continue to expect a gradual path toward lower policy rates.
During the month, money market yields out to one year remained anchored to Fed policy at 3.63%, while longer-term maturities rose modestly by 5 to 8 basis points. The 2-year and 10-year U.S. Treasury yields ended the month at 3.87% and 4.36%, respectively.
Agency mortgage-backed securities largely kept pace with U.S. Treasuries, supported by a sharp decline in market volatility. In addition, banks received favorable news regarding lower capital requirements, increasing the likelihood of greater demand for agency mortgage-backed securities
Looking ahead, key risks remain centered on how the conflict in the Middle East evolves. Escalating hostilities and higher energy prices could force a recalibration of inflation and growth expectations, while signs of a softer labor market continue to support the case for lower interest rates. Against this backdrop, we maintain a modestly long duration position, consistent with our expectation that the Fed will begin cutting rates in the next year. We will also continue with an overweight toward agency mortgages given their yield advantage and supportive environment for increased bank demand.
Returns less than one year are not annualized.
Mutual funds are required by the IRS to distribute substantially all realized profits they earn to shareholders on at least an annual basis. If a fund has net gains from the sale of securities, or if it earns dividends or interest from securities, the fund must distribute those earnings to its shareholders. All distributions are taxable, unless an investor's shares are held in a tax-deferred or tax-exempt account such as an IRA. Payden shareholders have the option to receive their distributions in cash or to automatically reinvest the distribution back into the Fund. This information is not intended to provide tax advice. Please consult a qualified tax professional for advice specific to your circumstances. Dividends shown are historical and not guaranteed. Amounts may vary and do not predict future income.
The minimum initial investment may be modified for certain financial intermediaries that submit trades on behalf of underlying investors. Payden Funds’ distributor may lower or waive the minimum initial investment for certain categories of investors at their discretion.
For more information and to obtain a prospectus or summary prospectus, select this link or call 800 572-9336. Before investing, investors should consider investment objectives, risks, charges, expenses, and other important information, which is contained in these documents; read the prospectus carefully before investing. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.
General Risk Disclosures
Interest Rate Risk: As with most funds that invest in debt securities, the income on and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise, the market prices of the debt securities the Fund owns usually decline. When interest rates fall, the prices of these securities usually increase.
-0.46%
DividendsG
Dividend
$0.0291
Dividend Reinvest NAV
$9.46
Record Date
04/30/2026
Ex Date
04/30/2026
Payable Date
04/30/2026
Dividends Paid
Monthly, with Daily Accural
Capital GainsG
Short Term
None
Long Term
None
Reinvest NAV
None
Record Date
N/A
Ex Date
N/A
Payable Date
N/A
704329796
Fund Total Net Assets
As of 04/30/2026
$58.2 Million
Sales Charge
None
Benchmark
ICE BofA 1-5 Year U.S. Treasury Index
Short-Term Government Bond – Appropriate for investors who seek exposure to short-term securities issued by the U.S. government and its agencies.
The Payden U.S. Government Fund seeks to provide income while avoiding the volatility of longer-maturity bond funds and the credit risk involved in non-government issuers. The Fund is comprised of U.S. Treasuries, government agency debentures, and agency mortgage-backed securities. The average portfolio maturity is less than five years.
No corporate credit risk.
The average maturity ranges between 3-5 years. Shorter average maturities generally provide less price sensitivity to changes in rates.
Ideal for investors with a short-to-intermediate time horizon who seek the safety of government securities.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
|---|---|---|---|---|---|---|
| Quarter-End (03/31/2026) | 0.19% | 4.12% | 3.97% | 1.34% | 1.59% | 3.49% |
| Month-End (04/30/2026) | 0.28% | 3.35% | 3.90% | 1.30% | 1.59% | 3.48% |
Investment MinimumH
Investor Class - Regular Account
$5,000
Investor Class - IRA Account
$2,000
Additional Investment - All Classes
$250
Duration
Percent of Portfolio
0-1 yr
-11%
1-3 yrs
81%
3-5 yrs
21%
5-7 yrs
9%
Government Sector
Percent of Portfolio
Treasury
48%
Agency Pass Through
23%
Agency CMBS
15%
Agency ARM
10%
Agency CMO
4%
U.S. Government Obligations
Percent of Portfolio
Treasury
50%
FHLMC
21%
FNMA
21%
GNMA
2%
Other (SBIC, FHLB, SBA)
6%